In Singapore, software engineers are earning increasingly higher salaries, recording an average rise of 7.61% in 2022.
The tech talent war in Singapore continues to intensify as companies compete with each other when it comes to salary offers.
Published by NodeFlair and Iterative, the Tech Salary Report aims to uncover the tech talent salary black box and empower tech talents and employers by analysing over 169,000 data points.
According to the findings, software engineers are earning increasingly higher salaries, recording an average rise of 7.61% in 2022. In fact, junior engineers are now earning a median base salary compensation of S$5,000, while mid-level and senior engineers earn even more, with salaries of up to S$7,000 and S$8,000 respectively. For managers, the median base salary reaches as high as S$13,750.
Despite the above trend, there exists a significant disparity between top earners and those at the bottom of the ladder, with the former earning up to three times more than the latter. For example, junior engineers at the 90th percentile can now expect to earn S$8,500 (up from S$7,500), while mid-level and senior engineers can earn up to S$11,000 and S$12,000 respectively.
Principal software engineers, meanwhile, can command a base salary of S$19,000 (up from S$17,000).
The salary gap between the 90th and 10th percentiles for software engineering roles widened by up to approximately 2.8x as it goes up the seniority ladder, from S$5,000 in junior positions to S$13,800 in managerial positions.
Compensation in Singapore by roles
Across Asia, the salaries noted for software engineering roles are as follows:
In a snapshot, the chart below illustrates a comparison of software engineers' median salaries across selected Asian markets. Out of the seven markets studied, those in Singapore generally earned a higher median than their counterparts in the region.
Top firms provide salaries that are 20% above market rates
While job seekers in Singapore were noted to be interested in local tech companies, as well as international tech giants, these companies share two key traits — they offer salaries well above the market median and have above-average ratings on Glassdoor. Six out of the top 15 most searched companies pay their employees at least 20% more than the market median, while most others pay at least 10% more.
Additionally, 13 out of the 15 companies have Glassdoor ratings above the median of 3.8, and 4 of them have ratings at or above the 75th percentile of 4.2.
Another trend noted was that tech companies are increasingly seeking employees who can handle multiple roles, as opposed to specialists. This change reflects the evolving nature of the industry and the need for well-rounded individuals.
AI experts are also in high demand due to the growing adoption of AI in various industries.
Overall, looking ahead into 2023, the report expects the tech talent market to stabilise, with continued demand for tech talent.
All images / Tech Salary Report